Ethereum gas fees cool down after May memecoin frenzy

Source: Dune AnalyticsThe memecoin frenzy began in late April and took center stage in May, leading to multiple brand-new memecoins striking the markets, such as Aped (APED), Bobo Coin (BOBO) and others. Another popular reason for the rise in the Ethereum gas fees was the surging popularity of memecoins on decentralized platforms, with mainstream centralized exchanges taking longer to list them.May was not just about the Ethereum memecoin craze; Bitcoin Ordinals likewise gained considerable appeal. Source: Dune AnalyticsWith the memecoin craze passing away down, Ethereum gas costs have cooled, and Ordinals engravings have also decreased significantly.Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?

Thank you for reading this post, don't forget to subscribe!

Another popular factor for the increase in the Ethereum gas costs was the surging popularity of memecoins on decentralized platforms, with mainstream centralized exchanges taking longer to list them.May was not practically the Ethereum memecoin frenzy; Bitcoin Ordinals also got substantial popularity. Ordinals allow decentralized storage of digital art on the Bitcoin blockchain. As a result, the Bitcoin network registered numerous new memecoins, with Pepecoin (PEPE) achieving a billion-dollar market capitalization.Related: Bitcoin metrics to the moon: ATH for hash rate, daily deals and OrdinalsOrdinals were presented in January, and by the end of May, the number of Ordinal inscriptions on the Bitcoin blockchain had actually exceeded 10 million. Overall charges paid for Ordinals engravings rose 700% in May to presently sit at 1,639 Bitcoin (BTC). Overall Ordinals engravings on the Bitcoin network. Source: Dune AnalyticsWith the memecoin frenzy passing away down, Ethereum gas costs have cooled, and Ordinals inscriptions have likewise decreased significantly.Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we repair it?

In terms of gwei– a denomination of Ether (ETH) that represents one-billionth of one ETH– the everyday median gas price has decreased to 24 gwei from a peak of nearly 140 gwei last month, according to Dune Analytics.Average gas charges on Ethereum in the previous 6 months. Source: Dune AnalyticsThe memecoin craze began in late April and took center stage in May, leading to several new memecoins hitting the markets, such as Aped (APED), Bobo Coin (BOBO) and others. Instead of ETH, Wrapped Ether (WETH), or Tether (USDT), memecoins such as Troll (TROLL), APED and BOBO became the top 10 spenders.